Movado Group Inc. said fourth-quarter profits fell, but saw gains in sales for the period.
For the three months ended Jan. 31, net income fell 9.2 percent to $7.2 million, or 28 cents a diluted share, from $7.9 million, or 31 cents, a year ago. On an adjusted basis, excluding certain charges in the quarter including a reallocation strategy connected with ESQ Movado, net income was $12 million, or 46 cents a diluted share, versus $10.5 million, or 41 cents, last year. Net sales rose 7 percent to $132.3 million from $123.6 million. On an adjusted basis, excluding the $7.8 million charge for anticipated sales return related to the ESQ Movado reallocation strategy, net sales were up 9 percent to $140.1 million.
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